The Japan Automobile Manufacturers Association (JAMA)
has compiled the results of its truck market trend surveys conducted in fiscal
2002 for the separate categories of standard, small and mini-size models.

These questionnaire-format surveys targeting truck users
and shippers are conducted by JAMA once every two years in order to determine
the structure of market demand for the standard, small and mini truck sectors
and enable the formulation of forecasts of qualitative shifts in that demand.

Within the transportation industry there was
an increase in the number of business operators who intend to reduce unit ownership,
with the term of vehicle use also found to be longer.

A large majority of transporters believe they
will be impacted by the restrictions on the operation of diesel vehicles in the
Tokyo metropolitan area and by the enactment of the Automobile NOx and PM Law.

Many transporters believe that the two new distribution laws to be enforced
beginning in fiscal 2003 (the Trucking Business Law and the Freight-Forwarding
Law)-legislation which incorporates freight charge follow-up notification system
and removal of the restrictions on business territory-will serve to intensify
industry competition and bring down freight transport rates.

Gaps in perception exist between major shippers and transporters with less
than 50 percent of shippers satisfied with the responses being mounted by transporters.

The survey of small and mini-size truck market trends
determined that:

The principal uses of these vehicles for business purposes were for "transport
to work sites and business locations" and "roundtrip transportation
within greater Tokyo."

Vehicle owners reported a decrease in the number of "idle" vehicles,
yet at the same time indicated that there was "a further decline in vehicle
operation overall". In regard to freight transport rationalization, it was
frequently reported that "With cost-cutting programs already in place, it
is impossible to streamline any further."

While a slowdown was reported in the transportation industry with respect
to the hiring of female drivers, it was found that "intent to hire in the
future" was on an upward trend. The trend of hiring more senior citizen drivers
continued, although an increased percentage of business operators said that they
"will not hire such drivers from this point on."

Concern is running high about global warming, air pollution and other environmental
problems. At the same time, however, a large number of transporters said they
are aware of the cost burden linked to spending on environmental countermeasures.

The results of JAMA's truck surveys as summarized
above are distributed to the general public.